Interest only mortgage.

My first mortgage payment is due at the end of the month.  I have opened a sterling current account and euros account with the CAM.  Just wondered how you do a transfer from my uk account to my sterling account in Spain?

The Halifax just ask for a sort code and account number but i'm not aware we have a sort code in Spain, just the IBAN number (i would have thought the Halifax would need this to send it abroad).

Just wondered for those people who have completed so far how they complete the transfer??

Any help would be must appreciated!

Thanks
Phil

Hi Phil,

We are not with CAM but generally all you need is the IBAN number and SWIFT code. Then you put your reference on the transfer if yiu want one.

Phil,

Having a sterling account as well as a Euro account in Spain is ok , but there are normally charges that apply when transferring from the Sterling to the Euro account (we did managed to get ours waivered with La Caixa bank).   Also, you still have to transfer your money overseas to your sterling account where there may also be a charges if you are using a bank.

The best solution is to use a currency broker and transfer direct into your Euro account.  Most will set up a monthly mortgage payment to your overseas account. 

Regards,

Steve.
------
www.spanishvillacare.com

 

Hi
I have setup a DD with currencies direct www.currenciesdirect.com to do my monthly transfer to my Spanish bank account I give then sterling they transfer to euros. Others had recommended them on the forum and when I compared with other companies they seemed to be the best option with no sending or receiving charges and good exchange rate. Monthly transfers can be as little as £150. You can also send larger amounts as and when, if the amount you send is 5K or more then again no sending or receiving charges. Hope this helps.

Phil

Hi Phil.
As per the last post,I have just organised the same thing for a payment at the end of the month with Currency direct.But just be aware that the setting up of a direct debit takes time,this is only for the regular monthly payments.
If you open an account online they will contact  you directly and you can arrange to pay your first payment via your debit/credit card.
The rate was 1.24 against a mid-rate of 1.26 which only equates to £6 on my mortgage,as opposed to my bank wanting £12 to transfer the sterling,then whatever the CAM bank would charge after that.
If you need to make a payment at the end of the month contact them soonest.
John